Economy
Market Loses N22bn as Investors Selloff Shares of MTN, 17 Others
By Dipo Olowookere
Profit-taking in the shares of MTN Nigeria and others on the floor of the Nigerian Stock Exchange (NSE) plunged the market into a 0.16 percent loss on Monday, September 30, 2019. The actions of the investors ensured that the last trading day of the month closed bearish after going up in the two previous sessions.
Business Post reports that the market was impacted yesterday by the poor performance of MTN Nigeria, which at a point went down to N125 per unit at the session, but managed to close at N130.50 per share against N136 per share it traded last Friday, losing N5.50 on Monday.
However, the market breadth ended flat at the trading session with 18 price gainers and 18 price losers.
Other companies on the top five decliners’ chart were Unilever, which went down by N2.30 to settle at N26.70 per unit, Seplat, which fell by N1.60 to close at N555 per share, Ecobank, which declined by 85 kobo to finish at N8.05 per share, and NASCON, which depreciated by 30 kobo to close at N13.40 per share.
On the flip side, Nestle Nigeria was the day’s highest price gainer, going up by N49.90 to settle at N1394.90 per unit, while Total Nigeria followed with a price appreciation of N9.50 to close at N129.50 per share.
CAP gained N2.30 to trade at N25.55 per unit, GTBank rose by N1.60 to finish at N29.20 per share, while Dangote Cement appreciated by 80 to end at N151.50 per share.
At the session, investors traded 194.8 million shares worth N3.1 billion in 2,910 deals compared with the 187.3 million units valued at N2.1 billion transacted the previous trading day in 2,942 deals.
This indicated that the volume of the transactions increased by 4.01 percent, while the value rose by 43.97 percent, with the number of deals executed going down by 1.09 percent.
The most active stock at the market yesterday was GTBank, with a total turnover of 58.5 million units sold for N1.6 billion, while Access Bank trailed with an exchange of 50.4 million shares worth N386 million.
FBN Holdings traded 21.2 million equities valued at N115.2 million, FCMB exchanged 16.8 million shares worth N27.6 million, while Transcorp transacted 7.2 million stocks valued at N7.3 million.
Business Post reports that the five key sectors on the NSE closed in the green territory on Monday, with the insurance sector recording the highest gain of 1.85 percent.
The banking index followed with 1.56 percent growth, the consumer goods industry appreciated by 1.26 percent, the industrial goods index rose by 0.91 percent, while the energy sector improved by 0.35 percent.
But the main market indicators, the All-Share Index (ASI) and market capitalization depreciated by 44.48 points and N21.7 billion apiece to settle at 27,630.56 points and N13.450 trillion respectively.
As MSMEs across the South-East seek opportunities for growth, market expansion and cross-border trade, Stanbic IBTC, in partnership with the Anambra State Government, convened the Nigeria Business Summit Regional Tour in Onitsha to equip businesses with practical solutions for sustainable growth.
The summit, organised in collaboration with the Anambra State Ministry of Commerce, Industry and Trade, brought together government officials, business leaders, trade associations, development partners and entrepreneurs to explore practical pathways for economic growth, business sustainability and increased participation in local and international trade.
Speaking at the event, which took place on Wednesday, 29 July 2026, Honourable Nonso Chukwuma Ebonwu, Commissioner for Commerce and Industry, Anambra State, highlighted the importance of stronger partnerships between government, financial institutions and the private sector in creating an environment where businesses can thrive and contribute meaningfully to economic growth.
“Sustainable economic development requires strong partnerships between the public and private sectors. Financial institutions such as Stanbic IBTC have an important role to play by providing not only access to finance but also business advisory services, capacity building and the knowledge that enables businesses to grow sustainably,” he said.
Given Onitsha’s strategic position as a commercial hub, discussions centred on access to finance, enterprise development, business sustainability and opportunities for expansion into new markets. Stanbic IBTC’s Trade Team also provided practical insights into trade and export opportunities available to businesses operating within the South-East’s manufacturing and distribution value chains, highlighting strategies that can help enterprises improve competitiveness and unlock new growth opportunities.
Commenting on Stanbic IBTC’s commitment to supporting Nigerian businesses, Chuma Nwokocha, Chief Executive, Stanbic IBTC Holdings, said:
“We recognise the critical role businesses play in driving economic growth, creating jobs and fostering innovation. Supporting their growth remains central to our purpose of driving Africa’s growth, and we will continue to provide the solutions, partnerships and platforms they need to thrive.”
Also commenting on Stanbic IBTC’s support for Nigerian businesses, Remy Osuagwu, Executive Director, Business and Commercial Banking, Stanbic IBTC Bank, said:
“Our commitment to supporting businesses is unrelenting. Through strategic partnerships and platforms such as the Nigeria Business Summit Regional Tour, we are connecting entrepreneurs to the knowledge, networks and financial solutions needed to scale their businesses and compete more effectively in today’s evolving marketplace.”
The summit also highlighted Stanbic IBTC’s focus on providing businesses with access to the capital, insights and connections needed to achieve sustainable growth. This commitment aligns with the strategic direction of the bank’s Enterprise Banking business, led by Olajumoke Bello, as Stanbic IBTC continues to deepen engagement with MSMEs and growth-focused businesses across Nigeria.
The Onitsha engagement builds on successful editions of the Nigeria Business Summit Regional Tour previously held in Katsina, Aba and Ibadan. Through the initiative, Stanbic IBTC continues to work with public and private sector stakeholders to equip entrepreneurs with practical insights, strategic partnerships and business solutions that support sustainable growth.
By Aduragbemi Omiyale
The board of Presco Plc has proposed the payment of an interim dividend of N10 per share to shareholders of the organisation for the first six months of this year.
This information was conveyed in the unaudited financial statements of the company released to the Nigerian Exchange (NGX) Limited.
In the results for the half-year ended June 30, 2026, the fully integrated agro-industrial firm said the cash reward reinforces its commitment to delivering consistent shareholder returns.
It further assured that looking ahead, it remains focused on disciplined capital allocation, operational efficiency and long-term value creation while navigating evolving market conditions.
A look at the key financial highlights of the results showed that revenue was relatively stable at about N199.0 billion in the first half of 2026 and the same period of 2025 amid a high-cost operating environment and softer crude palm oil prices.
However, the pre-tax profit rose by 9.3 per cent to N122.2 billion from N119.9 billion as result of a 31.9 per cent reduction in financing costs.
Further, the Edo State-based company posted an EBITDA of N123.1 billion, which yielded a margin of 61.9 per cent, as the organisation strengthened its balance sheet, reducing total liabilities by 42.5 per cent to N277.8 billion, while equity grew 13.8 per cent to N503.6 billion, with a current ratio of 345.6 per cent, which underscores robust liquidity.
“Our H1 2026 performance underscores the strength of our operational model in a challenging environment. The 9.3 per cent growth in profit before tax, driven largely by a 31.9 per cent reduction in financing costs, reflects our deliberate focus on cost optimisation and balance sheet discipline.
“With equity up 13.8 per cent and liabilities down by 42.5 per cent, we have further fortified our financial foundation.
“The proposed interim dividend of N10 per share signals our confidence in the business’s trajectory and our commitment to rewarding shareholders,” the chief executive of Presco, Mr Reji George, stated.
By Aduragbemi Omiyale
The ex-depot prices of the two major petroleum products in the country, Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (Diesel), have been slashed by Dangote Petroleum Refinery.
The company, in a statement on Wednesday, disclosed that while petrol is now N1,165 per litre, diesel is now N1,570 per litre.
The energy firm said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.
The latest cut in the price of PMS represents N50, as it was previously sold to marketers at N1,215 per litre, while diesel witnessed an N80 reduction, as it was formerly being sold at N1,650 per litre.
Dangote Refinery stated that the downward price review reflects its ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria, saying it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products.
The company reaffirmed its dedication to contributing to the growth of the Nigerian economy and passing on the benefits of improved operational efficiencies to consumers whenever market conditions permit.
